Massachusetts Financial Services Co. MA Sells 3,219 Shares of Silicon Motion Technology Co. (NASDAQ:SIMO)

Massachusetts Financial Services Co. MA lessened its stake in shares of Silicon Motion Technology Co. (NASDAQ:SIMO) by 0.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 523,426 shares of the semiconductor producer’s stock after selling 3,219 shares during the quarter. Massachusetts Financial Services Co. MA owned 1.55% of Silicon Motion Technology worth $31,793,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of SIMO. Advisors Asset Management Inc. raised its position in Silicon Motion Technology by 129.4% in the 3rd quarter. Advisors Asset Management Inc. now owns 445 shares of the semiconductor producer’s stock valued at $27,000 after purchasing an additional 251 shares during the last quarter. Blue Trust Inc. raised its position in Silicon Motion Technology by 3,971.4% in the 2nd quarter. Blue Trust Inc. now owns 570 shares of the semiconductor producer’s stock valued at $44,000 after purchasing an additional 556 shares during the last quarter. Headlands Technologies LLC bought a new position in Silicon Motion Technology in the 2nd quarter valued at $139,000. LRI Investments LLC bought a new position in Silicon Motion Technology in the 1st quarter valued at $150,000. Finally, XTX Topco Ltd bought a new position in Silicon Motion Technology in the 2nd quarter valued at $220,000. Institutional investors own 78.02% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on SIMO shares. B. Riley cut their price objective on Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating for the company in a research report on Monday, August 5th. Needham & Company LLC cut their price objective on Silicon Motion Technology from $94.00 to $75.00 and set a “buy” rating for the company in a research report on Friday, November 1st. StockNews.com downgraded Silicon Motion Technology from a “buy” rating to a “hold” rating in a research report on Monday, November 4th. Craig Hallum dropped their target price on Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. Finally, Roth Mkm dropped their target price on Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating for the company in a research report on Tuesday, October 8th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Silicon Motion Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $81.67.

Silicon Motion Technology Stock Up 1.6 %

Shares of Silicon Motion Technology stock opened at $55.81 on Tuesday. Silicon Motion Technology Co. has a 12 month low of $50.50 and a 12 month high of $85.87. The business has a fifty day simple moving average of $56.36 and a 200 day simple moving average of $66.93. The stock has a market cap of $1.88 billion, a PE ratio of 21.36, a price-to-earnings-growth ratio of 1.49 and a beta of 0.84.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings data on Wednesday, October 30th. The semiconductor producer reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.07. Silicon Motion Technology had a return on equity of 11.52% and a net margin of 10.90%. The business had revenue of $212.40 million during the quarter, compared to analysts’ expectations of $209.49 million. During the same period in the previous year, the firm earned $0.32 earnings per share. The firm’s quarterly revenue was up 23.3% compared to the same quarter last year. Analysts expect that Silicon Motion Technology Co. will post 2.59 EPS for the current fiscal year.

Silicon Motion Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Thursday, November 14th will be issued a $0.50 dividend. The ex-dividend date is Thursday, November 14th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.58%. Silicon Motion Technology’s dividend payout ratio (DPR) is 75.76%.

About Silicon Motion Technology

Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets NAND flash controllers for solid-state storage devices. The company offers controllers for computing-grade solid state drives (SSDs), which are used in PCs and other client devices; enterprise-grade SSDs used in data centers; eMMC and UFS mobile embedded storage for use in smartphones and IoT devices; flash memory cards and flash drives for use in expandable storage; and specialized SSDs that are used in industrial, commercial, and automotive applications.